Travelers sells Canadian P&C business to Definity for $2.4B; retains surety

TRAVELERS COMPANIES, INC.

Purchase price ~US$2.4B, representing 1.8x book value after adjusting for ~$0.8B excess local capital repatriated.
Transaction expected to close Q1 2026, subject to regulatory approvals and customary closing conditions.
Travelers retains its premier Canadian surety business, largest surety writer in North America.
Plans ~$0.7B of net proceeds for additional share repurchases in 2026; deal expected slightly accretive to EPS.
Jefferies LLC and Skadden advised Travelers; Definity Financial Corporation (TSX: DFY) is the acquirer.

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